Uganda corporate bank account

Healy Consultants’ experienced banking team will expertly handle corporate bank account opening in Uganda for our Clients. We will prepare all the necessary documents and submit to the bank on behalf of the Client, and if needed, we also attend the bank account opening interview on your behalf.

While the corporate banking sector is considered as moderately stable, the country ranks poorly on the WEF’s soundness of banks rankings for 2016, at 76th place;

Furthermore, one of the largest banks in the country, Crane Bank, had to be taken under management from the Central bank, due to surge in non-performing loans. For the same reason, Uganda’s Central Bank observes a bad outlook for local banks in 2018;

The majority of the foreign banks in Uganda are concentrated within the capital city of Kampala. They tend mostly to be selective, serving a specific clientele of businesses and high income households, leaving the rural population to be largely dependent on local banks;

Prior to the financial sector reforms in Uganda, many local banks closed, merged or were acquired. This market consolidation strengthened the financial sector over the past decade.

Healy Consultants' banking options

To receive the best online banking and customer service in Uganda, Healy Consultants recommends that our Client opens an account with one of the major banks mentioned above. However, there are numerous local banks in Uganda such as Centenary Bank and Ecobank, that offer sufficiently good online banking facilities for SME businesses;

Local banks in Uganda such as Ecobank require an initial deposit of US$500 when opening a non-resident company bank account for foreign companies.

Our Client will then provide us a board resolution indicating the company’s intention to open and operate a business bank account in Uganda together with all the documents of incorporation in the country;

Other documents required in order to open the account in Uganda are i) a certified copy of the charter, statutes or memorandum and articles of the company, or other instrument constituting or defining the constitution of the company. If the constitution is not written in English, a certified translation is needed ii) a certified list of the directors and secretary of the company, containing their due diligence paperwork iii) the names and postal addresses of one or more persons resident in Uganda authorized to accept the service of process and notices on behalf of the company and iv) the full address of the registered or principal office of the company;

If the constitution is not written in English, a certified translation is needed together with a certified list of the directors and secretary of the company, containing their due diligence paperwork;

There is a high probability that the Client will be obliged to travel to meet the bank directors in order to open the account. Healy Consultants, however, does everything necessary to minimize this probability ensuring that the Client does not travel;

After the approval of the business bank accounts, the preferred bank will promptly send to our Client by post or email the corporate bank account details and correspondence.

Exchange Controls and Other Regulation

Healy Consultants’ recommended banks in Uganda have no restrictions on the inflow or outflow of funds for remittances of profits, payments to third parties, capital gains, debt service and imported inputs or returns on intellectual property;

There are no imposed capital controls in Uganda at the present time by the Central bank.

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Testimonial

“Pirster Pte is happy with the work that Healy Consultants undertook for the company. International incorporation can be fraught with opacity, anxiety and vulnerability - especially if it is being done remotely as we did. Healy Consultants worked really hard to make it transparent, straight forward and confidence-inspiring. I look forward to working with Healey Consultants again on future work and happily recommend them to others.”

Fiona Thompson, Managing Director Pirster Pte.

“We had taken Healy Consultants assistance in incorporating our entities in some of the complicated jurisdictions. Their approach right from the beginning has been very systematic, clear and efficient. It has been a pleasure to work with all of them.”

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“Healy Consultants, a professionally managed firm with clear understanding and knowledge about what client expects from them and delivers the same in a professional and timely manner. Kudos to their team.”

“Incorporating any company is comparable to setting the foundation blocks of your new company building, which you aim to build in the best location available. By choosing Healy Consultants you are laying the perfect foundations.”

“The one word that defines Healy Consultants is perfect professionalism. If you have Healy to set up your business abroad, you could focus on the operational overhead and let Healy take care of the rest. From Incorporation to Taxation, it’s a one stop solution. Rest assured, you will have the best people in the Industry working for you and providing you with the best possible information and suggestions.”

Raja Chakraborty, Director Streamlyn Pte. Ltd.

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Timothy F Kauffman, CEO Trivector Services

“Finding the right partner was critical for VESL’s expansion in Asia and working with Healy Consultants has made this possible.”

“Healy Consultants were instrumental in the set up of our company. They have continued to provide exceptional support and advice over the years.”

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“Healy Consultants is the best firm that we have ever worked with. Through our entire business relationship we were satisfied with provided level of quality and services. Healy Consultants have been responsive and detail oriented which has allowed us to stay focused on our business and not getting distracted with small details.”